INDUSTRY NEWS

London set for 3.7 million sq ft of new office space

London office space will increase with a host of new additions in the coming years.

Set to open in 2015, new office developments including the Shard, the Pinnacle, the Walkie Talkie, the Cheesegrater and 100 Bishopsgate are all currently in the construction phase.

In total the buildings will provide London with a round 3.7 million sq ft of additional office space.

As demand for office space in the UK’s capital city has remained at a strong level, as evidenced in recent figures, the construction of new premises will be a welcome addition.

Offices located in the West End saw a second quarter demand increase of 22 per cent – Google’s move from Victoria to a development at St Giles has been attributed as a main factor.

Meanwhile office space in East London has also seen a significant growth – a 30 per cent increase for locations in the EC1 postcode area and a huge 125 per cent increase in Farrington.

The popularity of the locations in East London has been attributed to the low rents the area is able offer – perfect for small businesses, start-ups and those looking to expand.

News bought to you from DeVono Cresa, the award-winning commercial property advisers, specialising in Central London office space

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